Charles Blumenkehl, managing partner for Blue Asset Management LLC, announced his company has sold its last remaining Cumberland County property in Milleville, New Jersey.
According to Blumenkehl, the property, a vacant multi family structure in need of rehabilitation, was acquired through foreclosure last year. He said his fund sold the property as a part of its strategic decision to stay focused on its northern New Jersey properties. Blumenkehl said, “While we believe Milleville can offer robust returns to investors in the area, we increasingly found properties like the one we sold were more difficult to control from our statewide network.” Blumenkehl continued, “We made the strategic decision to contract our New Jersey footprint as we acquired more property near our home base in Wayne, and the sale of our Milleville piece was a furtherance of that strategy.”
Blumenkehl said his fund has increased its rental property footprint almost 100% in the past year, with most of the additional properties coming in Bergen, Passaic, Essex, Morris and Hudson counties. Blumenkehl continued, “With our decision to focus in northern New Jersey, we are able to achieve more robust returns and act on more opportunity in our market by exerting greater control over our management, acquisition and renovation networks.”
Blue Asset Management LLC was founded by Charles Blumenkehl to leverage the opportunities created as a result of the mortgage meltdown. For more information about the Wayne based company, contact Mr. Blumenkehl or Blue Asset Management LLC directly at 973 835-1400 or log onto the company website at www.blueassetmanagement.com.
Showing posts with label property management. Show all posts
Showing posts with label property management. Show all posts
Friday, April 15, 2011
Blue Asset Management LLC Sees Appraisals Creating Difficulties in Closing Transactions
Charles Blumenkehl, managing partner for Blue Asset Management LLC, sees home appraisals causing difficulties for buyers trying to obtain mortgages on their dream homes and consequently for sellers of real estate in today’s market.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
According to Blumenkehl, “On the one hand, home values are determined by how much a buyer is willing to pay for a particular property. On the other hand, in order to protect their investment, lenders require the property to appraise for the purchase price in order to assure that the loan to value ratios required for the particular mortgage are maintained.” Blumenkehl continued, “the problem today is that so many homes that are sold and which appraisers can use as comparable sales in completing their appraisals are based on foreclosure prices and prices established through short sales, where the seller is willing to sell their property at a deep discount and the lender is willing to accept these deep discounts rather than wait to complete the over-capacity foreclosure process and all that comes with it, including carrying and maintenance costs and loss of earnings on the remaining principle that could potentially be sustained by the mortgage-holder”.
“The result”, concludes Blumenkehl, “is that today’s seller is not only subject to competing with these foreclosures and short sales when marketing and pricing their homes, but the price the buyer is willing to pay will be subject to how much the distressed and foreclosed properties in the market will sell for.” This leads to many under-valued appraisals, Blumenkehl says, which in turn will require sellers to either further reduce their already depressed sales price or try to find a new buyer and hope the next appraisal is higher. Blumenkehl also pointed out that in many types of sales, such as FHA or VA financed transactions, the seller is stuck with the appraised value even if another buyer is willing to pay more but requires the same type financing, since the appraisals are registered with HUD for a 6 month period. Blumenkehl says his fund has opted to hold certain properties that have under-appraised and achieve high rates of return on renting the property while he waits for the market to return rather than sell at over-deflated prices.
Charles Blumenkehl, a 30+ year veteran of real estate management in New Jersey, founded Blue Asset Management LLC in 2008 to leverage what he saw as opportunities that arose as a result of the mortgage crisis leading to the foreclosure crisis. Blue Asset Management LLC is a buyer of performing and non-performing residential and commercial real estate mortgages, distressed and investment real estate in northern New Jersey. For more information about Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 83-1400.
Friday, February 4, 2011
Blue Asset Management LLC Releases Its 2011 Property Management Investment Report
Charles Blumenkehl, managing partner for Blue Asset Management, announced his fund has released its 2011 Property Management Investment Report highlighting strategies and programs the fund plans on in 2011.
According to Charles Blumenkehl, attention to property stability, value enhancement and protection, and the acquisition of new assets are among main highlights of their report.
“To minimize risk and maximize return, we are focused on running tightly monitored property management systems lending themselves to responsible asset management and acquisition, while understanding and controlling the investments that we will make in our properties in the upcoming year,” Blumenkehl said. “We must be ready for bumps in the management process, while focusing our efforts on lowering management costs, increasing collectibles and containing property operational costs,” Blumenkehl continued.
Among those areas singled out by Blumenkehl as part of their overall strategy of increasing existing yields on managed real estate are
- Savings in energy costs by taking advantage of the deregulation opportunities recently created in New Jersey
- Lowering insurance premiums by shopping insurance carriers and coverages while maintaining value coverage in line with the current market trends
- Renegotiating interest costs on mortgages wherever possible, and opening dialogue with mortgage holders and new lenders desiring to do business with the company because of its strong financial track record of loan repayment
- Reduction of property taxes through engaging a more aggressive and rigorous tax appeal process in many of the municipalities the company owns real estate in
- Lower water usage through the installation of low-water consumption devices in many of their buildings.
Blumenkehl has been managing real estate for over 30 years, and describes the upcoming year as one of opportunity and long term increased returns through proper planning. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
According to Charles Blumenkehl, attention to property stability, value enhancement and protection, and the acquisition of new assets are among main highlights of their report.
“To minimize risk and maximize return, we are focused on running tightly monitored property management systems lending themselves to responsible asset management and acquisition, while understanding and controlling the investments that we will make in our properties in the upcoming year,” Blumenkehl said. “We must be ready for bumps in the management process, while focusing our efforts on lowering management costs, increasing collectibles and containing property operational costs,” Blumenkehl continued.
Among those areas singled out by Blumenkehl as part of their overall strategy of increasing existing yields on managed real estate are
- Savings in energy costs by taking advantage of the deregulation opportunities recently created in New Jersey
- Lowering insurance premiums by shopping insurance carriers and coverages while maintaining value coverage in line with the current market trends
- Renegotiating interest costs on mortgages wherever possible, and opening dialogue with mortgage holders and new lenders desiring to do business with the company because of its strong financial track record of loan repayment
- Reduction of property taxes through engaging a more aggressive and rigorous tax appeal process in many of the municipalities the company owns real estate in
- Lower water usage through the installation of low-water consumption devices in many of their buildings.
Blumenkehl has been managing real estate for over 30 years, and describes the upcoming year as one of opportunity and long term increased returns through proper planning. For more information about Blue Asset Management LLC or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.
Tuesday, January 18, 2011
Charles Blumenkehl of Blue Asset Management LLC Sees Demand for Residential Rentals Increasing
While sales and rental markets have softened these last two years according to the National Association of Realtors, Charles Blumenkehl, managing partner of Blue Asset Management LLC and CEO of Blumenkehl Properties, managers of investment properties throughout New Jersey, says his company is seeing more demand for residential rental properties and believes this trend will dramatically increase in the next few years.
Blumenkehl points to statistics released by the National Association of Home Builders at the International Builders Show, which had only 114,000 multi-family homes started in 2010, which the Association states is less than the number of multi family homes removed from the market during the same period. NAHB further stated that while they anticipate another 133,000 multi family units will be started in 2011, they too predict that number will be far less than the expected demand.
According to Blumenkehl, “With a large part of the population reaching rental age, combined with the number of home share and live at home arrangements already in place due to the economic contraction of the last few years, the demand for rental housing is becoming greater as the country moves toward economic recovery.” Blumenkehl, whose properties have a 96% occupancy rate in New Jersey at current, continued, “Rents have already began climbing in some of our markets, and a shortage of new multifamily units coupled with a rise in prime renter-age households will give landlords clout they haven’t seen since we emerged from the last housing recession in the mid-1990s.”
Blumenkehl Properties and Blue Asset Management LLC are managers and buyers of performing and non-performing mortgages and distressed and investment properties in New Jersey. For more information about Blue Asset Management or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com
Blumenkehl points to statistics released by the National Association of Home Builders at the International Builders Show, which had only 114,000 multi-family homes started in 2010, which the Association states is less than the number of multi family homes removed from the market during the same period. NAHB further stated that while they anticipate another 133,000 multi family units will be started in 2011, they too predict that number will be far less than the expected demand.
According to Blumenkehl, “With a large part of the population reaching rental age, combined with the number of home share and live at home arrangements already in place due to the economic contraction of the last few years, the demand for rental housing is becoming greater as the country moves toward economic recovery.” Blumenkehl, whose properties have a 96% occupancy rate in New Jersey at current, continued, “Rents have already began climbing in some of our markets, and a shortage of new multifamily units coupled with a rise in prime renter-age households will give landlords clout they haven’t seen since we emerged from the last housing recession in the mid-1990s.”
Blumenkehl Properties and Blue Asset Management LLC are managers and buyers of performing and non-performing mortgages and distressed and investment properties in New Jersey. For more information about Blue Asset Management or Charles Blumenkehl, log onto the company website at www.blueassetmanagementllc.com
Tuesday, December 7, 2010
Blue Asset Management is active in New Jersey
Managed by Charles Blumenkehl, CEO and managing partner and a long-time veteran of REO and distressed real estate disposition. Blue Asset Management LLC are buyers and managers of first lien, non performing mortgages, distressed, pre-foreclosure and REO seeking to leverage market condition opportunities and achieve robust returns through strategic disposition and long term growth.
Through Blue Asset Management LLC Charles Blumenkehl has purchased from banks, lenders, REIT's, asset management companies, real estate brokers auctions and private individuals.
Blue Asset Management welcomes all confidential inquiries and will provide quick bid analysis and timely closings
For more information about Blue Asset Management LLC, log onto the company website at http://www.blueassetmanagementllc.com/ or call the company directly at 973-835-1400.
Through Blue Asset Management LLC Charles Blumenkehl has purchased from banks, lenders, REIT's, asset management companies, real estate brokers auctions and private individuals.
Blue Asset Management welcomes all confidential inquiries and will provide quick bid analysis and timely closings
For more information about Blue Asset Management LLC, log onto the company website at http://www.blueassetmanagementllc.com/ or call the company directly at 973-835-1400.
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